INDELLO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
INDELLO
Largest movements
- Tangible fixed assets +€65,375
up €65,375 (+5.7%), from €1.2m to €1.2m
of which Plant, machinery and equipment: +€42,385
- Stocks and contracts +€35,036
up €35,036 (+70.0%), from €50,042 to €85,078
- Cash -€33,270
down €33,270 (-100.0%), from €33,270 to €0
mainly Investment in fixed assets (net) (-€107,270) and Debts after one year (-€36,149)
- Other debts +€102,850
up €102,850 (+26.0%), from €396,220 to €499,071
- Debts after one year -€36,149
down €36,149 (-4.7%), from €765,483 to €729,334
- Gross operating margin -€16,514
down €16,514 (-18.8%), from €87,704 to €71,190
- Depreciation +€9,298
up €9,298 (+28.5%), from €32,596 to €41,894
- Write-downs -€4,425
down €4,425 (-100.0%), from €4,425 to €0
- Financial charges +€2,099
up €2,099 (+19.3%), from €10,865 to €12,964
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,283,166 | €1,350,500 | +€67,334 | +5.2% |
| Fixed assets | 21/28 | €1,152,376 | €1,217,751 | +€65,375 | +5.7% |
| Tangible fixed assets | 22/27 | €1,152,376 | €1,217,751 | +€65,375 | +5.7% |
| Land and buildings | 22 | €1,123,923 | €1,159,646 | +€35,723 | +3.2% |
| Plant, machinery and equipment | 23 | €1,299 | €43,684 | +€42,385 | +3262.5% |
| Leasing and similar rights | 25 | €27,154 | €14,421 | -€12,733 | -46.9% |
| Current assets | 29/58 | €130,790 | €132,749 | +€1,959 | +1.5% |
| Stocks and contracts in progress | 3 | €50,042 | €85,078 | +€35,036 | +70.0% |
| Stocks | 30/36 | €50,042 | €85,078 | +€35,036 | +70.0% |
| Amounts receivable within one year | 40/41 | €31,475 | €32,099 | +€624 | +2.0% |
| Trade receivables | 40 | €16,060 | €11,951 | -€4,109 | -25.6% |
| Other amounts receivable | 41 | €15,415 | €20,148 | +€4,733 | +30.7% |
| Cash at bank and in hand | 54/58 | €33,270 | €0 | -€33,270 | -100.0% |
| Deferred charges and accrued income | 490/1 | €16,003 | €15,572 | -€431 | -2.7% |
| Total equity and liabilities | 10/49 | €1,283,166 | €1,350,500 | +€67,334 | +5.2% |
| Equity | 10/15 | €22,222 | €28,465 | +€6,243 | +28.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,778 | -€21,535 | +€6,243 | +22.5% |
| Amounts payable | 17/49 | €1,260,944 | €1,322,035 | +€61,091 | +4.8% |
| Amounts payable after more than one year | 17 | €765,483 | €729,334 | -€36,149 | -4.7% |
| Financial debts | 170/4 | €765,483 | €729,334 | -€36,149 | -4.7% |
| Amounts payable within one year | 42/48 | €493,550 | €591,419 | +€97,869 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €80,352 | €82,122 | +€1,770 | +2.2% |
| Trade debts | 44 | €10,212 | €9,633 | -€579 | -5.7% |
| Suppliers | 440/4 | €10,212 | €9,633 | -€579 | -5.7% |
| Taxes, remuneration and social security | 45 | €6,765 | €593 | -€6,172 | -91.2% |
| Taxes | 450/3 | €6,765 | €593 | -€6,172 | -91.2% |
| Other amounts payable | 47/48 | €396,220 | €499,071 | +€102,850 | +26.0% |
| Accrued charges and deferred income | 492/3 | €1,910 | €1,282 | -€628 | -32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,596 | €41,894 | +€9,298 | +28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,425 | €0 | -€4,425 | -100.0% |
| Other operating charges | 640/8 | €10,524 | €11,066 | +€543 | +5.2% |
| Gross operating margin | 9900 | €87,704 | €71,190 | -€16,514 | -18.8% |
| Operating profit (loss) | 9901 | €40,159 | €18,229 | -€21,930 | -54.6% |
| Financial income | 75/76B | €241 | €977 | +€737 | +305.8% |
| Recurring financial income | 75 | €241 | €977 | +€737 | +305.8% |
| Financial charges | 65/66B | €10,865 | €12,964 | +€2,099 | +19.3% |
| Recurring financial charges | 65 | €10,865 | €12,964 | +€2,099 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €29,535 | €6,243 | -€23,293 | -78.9% |
| Profit (loss) for the period | 9904 | €29,535 | €6,243 | -€23,293 | -78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,535 | €6,243 | -€23,293 | -78.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.